عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Khalifa Fund for Enterprise Development Offers $30 Million to Support Kenya SMEs

Under the agreement, more than 3,000 projects with 40 percent allocated for women will be financed. WAM
Under the agreement, more than 3,000 projects with 40 percent allocated for women will be financed. WAM
TT
TT

Khalifa Fund for Enterprise Development Offers $30 Million to Support Kenya SMEs

Under the agreement, more than 3,000 projects with 40 percent allocated for women will be financed. WAM
Under the agreement, more than 3,000 projects with 40 percent allocated for women will be financed. WAM

The Khalifa Fund for Enterprise Development (KFED) and Kenya’s National Treasury & Planning Ministry have signed a AED 110 million ($30 million) financing agreement to empower the Kenyan Youth Enterprise Development Fund, Emirates News Agency (WAM) reported.

Signed in the attendance of President Uhuru Kenyatta of Kenya by Alia Al Mazrouei, CEO of KFED, and Ukur Kanacho Yatani, Cabinet Secretary, National Treasury & Planning Ministry, the agreement aims to promote entrepreneurship and develop Small and Medium Enterprises (SMEs) in Kenya.

The move is in implementation of directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan.

Al Mazrouei said the financing agreement, which embodies the close friendship ties between the UAE and Kenya, aims to support the Kenyan government efforts in economic development, promote innovation and innovative projects, create job opportunities for youth in addition to unlock their potentials, develop their skills and empower them to contribute in building a sustainable, sable national economy, WAM reported.

''We aim to support the Kenyan government efforts to achieve economic development through enhancing the SMEs sector, and spreading the culture of entrepreneurship among youth and women's empowerment,'' she added.

Under the agreement, she continued, more than 3,000 projects with 40 percent allocated for women will be financed and expected to generate nearly 13,000 job opportunities for the Kenyan youth.

She underscored the UAE's commitment to support the official development efforts of the least developed countries, and to enable them to enhance their economic performance, in order to achieve economic and social stability, which positively affects the global economy and international stability.

For his part, Ukur Yatani expressed his appreciation to the UAE for the support, which will enable many segments of society, including women and youth, to contribute positively to building their country's economic future, praising the strong relations that unite the two friendly countries.

He explained that such agreements will have a positive impact, helping advance development in rural areas, support the launch of projects, create job opportunities in the future, and deliver comprehensive growth to reduce poverty.

Most Viewed

 
 
Business

Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
TT
TT

Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.